Coro Announces Appointment of Luis Tondo as President and CEO

Jun 12, 2017 | PDF

- Former CEO Alan Stephens will remain with Marimaca Copperas Executive Director responsible for exploration and opportunity-seeking activities

June 12, 2017, Vancouver, Canada- Marimaca Copper Corp, (“Marimaca Copperor the Company”) (TSX:COP) is pleased to announce that it has appointed Mr. Luis Tondo as its President and CEO effective June 12, 2017. Mr. Alan Stephens, a founder of the company who has served in this role since 2005, will continue on in the role of Executive Director responsible for exploration and opportunity seeking activities. This augmentation of the management team with operational expertise is the result of a succession planning process which has been under consideration by the previous CEO and the Board of Directors for some time, as the Company began to grow its operations.

Mr. Tondo is a highly experienced mining engineer with a Bachelor’s degree from the Universidade Federal do Rio Grande do Sul in Brazil; an MEngSc from the University of Queensland, Australia; and an MBA from the Fundacao Dom Cabral business school in Brazil. He has some 30 years of mining experience in Latin America and prior to joining Coro, spent the seven years as Chief Operating Officer at mid-tier copper and gold producers in Chile, Uruguay and Brazil, where he was responsible for operations, projects and business development activities. Prior to this, he spent five years developing multi-million dollar capital projects for Kinross Gold Corporation in Brazil and Chile, and 16 years in operations roles with Rio Tinto in Brazil. He is a Fellow of the Australasian Institute of Mining and Metallurgy, and a Qualified Person for the purposes of NI 43-101.

“We are delighted to have been able to attract Luis to take Marimaca Copperforward as we continue develop as a copper producer,” commented Marimaca CopperBoard Chairman Gordon Fretwell. “His background, particularly in running mid-tier operations in Chile, provides the expertise that we need at this stage of Marimaca’s development as we execute our business plan at our SCM Berta operations and develop our exciting Marimaca project. Having someone of Luis’s caliber agree to join the Marimaca Copperteam is an endorsement of Marimaca’s existing projects and is a reflection of the potential Luis sees as Marimaca Coppermoves forward and significantly augments our operations expertise. The appointment of Luis as President and CEO will enable Alan, as Executive Director reporting to the Board of Directors, to remain focused on exploration and opportunity seeking to ensure that Marimaca’s pipeline over the coming years is filled with new “Marimaca Coppertype” projects. Luis’s mining development and operational expertise combined with the proven track record of discovery provided by the existing management team gives Marimaca Copperexceptional strength in both these areas.”

Mr. Tondo will assume the role of president and CEO as of today’s date and will be formally appointed to the Marimaca Copper board of directors following the Annual General Meeting to be held in Vancouver on June 15, 2017. He will reside in Santiago where the Company maintains its operations office.

About Marimaca Copper Corp.:

Coro’s strategy is to grow a mining business through the discovery, development and operation of “Marimaca Coppertype” deposits. These are defined as projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment takes priority over maximizing NPV, where profitability is prioritized over production rate, and finally, where the likely capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which includes the Berta and Nora operations; the Llancahue prospect; and a royalty on the San Jorge copper-gold project located in Argentina.

For further information:

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This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to production estimates. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Marimaca’s ability to predict or control and may cause Marimaca’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.

Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copperundertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

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